Biodiversity reforms need rethink

The State Government’s Biodiversity reforms are being rushed to meet an arbitrary start date of August 25 and must be reassessed to ensure house prices are not ramped up.

The Property Council has strongly advised the government that the biodiversity ‘reforms’ will significantly jack up the price of new homes. Alone, these changes could add $20,000 to the price of each and every home being delivered in new developments around Sydney, the Hunter and the Illawarra.

“We have urged the government to postpone the proposed start date of 25 August as none of the tools that are needed to assess the full cost of the reforms have been finalised,” Property Council NSW Executive Director Jane Fitzgerald said today.

“The government should not sacrifice its broader objectives of improving housing supply and affordability for the sake of an arbitrary start date.

“There are only two possible scenarios if the government does not extend the consultation period. Either, housing supply will be harmed if new developments do not proceed as the additional cost and red tape undermines their feasibility, or, housing affordability will worsen in locations and developments traditionally favoured by first home buyers as the extra costs are added to the price of a new home.”

“The additional cost of up to 20 thousand-dollars will put a major dent in any stamp duty exemptions or concessions for first home buyers introduced in the most recent budget which means we will be taking a major step backwards if we rush these reforms.

“We want to work with the government to help achieve their biodiversity objectives in a reasonable timeframe and in a way that doesn’t blow out housing affordability or restrict supply.”